WASHINGTON — The Financial Crimes Enforcement Network is asking financial institutions not to be too quick to close certain accounts despite suspicious or potentially criminal activity.

While FinCEN acknowledged the decision to maintain any accounts rests with the institution, the guidance (FIN-2007-G002) stated, “Although there is no requirement that a financial institutions maintain a particular account relationship, financial institutions should be mindful that complying with such a request may further law enforcement efforts to combat money laundering, terrorist financing, and other crimes.”

Any institution receiving such a request should obtain it in writing and it should include the duration of the request, not to exceed six months. However, subsequent requests could be issued. Documentation should be maintained for up to five years. In these instances, institutions will be required to continue their suspicious activity reports and other filing requirements.

Additional guidance (FIN-2007-G003) was issued the same day regarding the supporting documentation that goes with SARs. The supplementary documentation must be kept on file at the institutions for five years and, when it is requested, the institution must ensure the request is legitimate. “Supporting documentation” refers to all documents that helped the institution determine the need for the SAR filing. Finally, according to FinCEN's guidance, no legal process is required for sharing financial records in a financial institution's “supervisory, regulatory, or monetary functions.”